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Soaring Dollar-Denominated Debt Central to Turkey’s Crisis

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Rick Schmidt, an analyst and portfolio manager for Harding Loevner’s Global Equity and Emerging Markets Equity strategies, discusses how Turkey’s recent economic turmoil could impact other global economies.

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For more detailed information regarding particular investment strategies, please visit our website, www.hardingloevner.com. Any statements made by employees of Harding Loevner are solely their own.

Any discussion of specific securities is not a recommendation to purchase or sell a particular security. Non-performance based criteria have been used to select the securities identified. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.For more detailed information regarding particular investment strategies, please visit our website, www.hardingloevner.com. Any statements made by employees of Harding Loevner are solely their own.

Any discussion of specific securities is not a recommendation to purchase or sell a particular security. Non-performance based criteria have been used to select the securities identified. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.